Japan consumer inflation at 2.1% as energy costs soar
5月消費者物価2.1%上昇 光熱費や食料品高騰が影響
The internal affairs ministry says the consumer price index, excluding fresh food, gained 2.1 percent.
The figure stayed above 2 percent for a second consecutive month, and has been on an uptrend for nine months.
The soaring price of crude oil continued to pressure the index. Combined energy costs surged 17.1 percent.
Electricity bills jumped 18.6 percent and gasoline was up 13.1 percent.
Overall food prices rose 2.7 percent.
Cooking oil, which mainly uses imported raw materials, surged 36.2 percent.
Ministry officials say a trend toward higher prices for everyday items like food continues. They say they will closely monitor the situation as some food producers are planning to raise prices.
The Bank of Japan has set an inflation target of 2 percent in a bid to pull the country out of deflation.
But BOJ officials say that current price rises are not seen as beneficial to the economy, as they are not accompanied by increases in wages and consumer demand.

yahoo.com - May 29
Japan's Nikkei share average rose on Monday to its highest level since July 1990, buoyed by optimism over a U.S. debt ceiling deal and a weaker yen.

coingeek.com - May 29
After years of handling it with leniency, Japanese lawmakers have confirmed plans to impose stricter Anti-Money Laundering (AML) rules for the digital currency industry.

NHK - May 29
Regional banks in Japan saw unrealized losses surge in fiscal 2022. A new survey says the figure climbed by more than 5 times in yen terms over the previous year as investments sank.

NHK - May 26
Overall prices in the Japanese capital remain high as people continue to pay more for food and some services.

straitstimes.com - May 23
Japan’s slow post-pandemic recovery is showing signs of growing momentum, according to the latest gauges of strength in the service and factory sectors.

NOJ - May 21
Honda announced that it will start selling electric motorcycles to the general public for the first time in Japan.

NHK - May 20
Employees at some of Japan's biggest firms can expect a sizable bump in their pay checks this year. They'll see an average increase of nearly 4 percent following annual wage negotiations. That's the largest jump in 31 years.

Nikkei - May 19
Sony Group will spin off its financial unit to focus resources on entertainment and image sensor operations as the investment burden needed to compete with foreign rivals continues to rise.

Nikkei - May 19
China overtook Japan as the world's top auto exporter in the first quarter, spurred by rising demand for electric vehicles and increased deliveries to Russia.

Kyodo - May 19
Japan's trade deficit nearly halved to a one-year low of 432.41 billion yen ($3 billion) in April, as imports dropped for the first time in 27 months on lower crude oil prices, while U.S.-bound auto shipments delivered record exports, the Finance Ministry said Thursday.

Crypto Daily - May 18
Japan, which missed out on the Web2 revolution -- by failing to produce its own Meta, Google, Amazon, and Alibaba -- is now looking to regain its economic prowess by embracing the burgeoning crypto and Web3 industry.

straitstimes.com - May 17
Japan's economy expanded at a faster pace than expected in the first quarter as a further easing of pandemic regulations boosted consumption.

NHK - May 17
The benchmark index for the Tokyo Stock Exchange climbed above 30,000 for the first time in a year and 8 months. The gains reflect rising investor confidence amid robust earnings and improving forecasts at Japanese companies.

NOJ / TV Asahi - May 17
Seven major electric power companies in Japan have announced plans to raise prices from next month, as the government has virtually accepted the increase in regulated rates for households.

Business Insider - May 17
A Japanese millennial who uses AI to help solve a problem in the rapidly aging society has hit it big.

Bloomberg - May 17
Japan's biggest lenders are predicting their highest profits in years. Still, a cautious outlook is holding them back from returning surplus capital to shareholders.